Merrill analyst downgrades investment banks

Guy Moszkowski, an analyst at Merrill Lynch, has downgraded three investment banks due to a deterioration in customer risk appetites across markets putting pressure on profitability.

The analyst cut ratings on Goldman Sachs, Lehman Brothers and Bear Stearns to Neutral from Buy.

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110-Hour Workweeks Drove Young Bankers at a Boutique Firm to the BrinkExternal link

110-Hour Workweeks Drove Young Bankers at a Boutique Firm to the Brink